omtex.co.in : Practical Problems | Q 2 | Page 115 Chapter 2: Accounts of ‘Not for Profit’ Concerns Balance Sheet as on 01.04.2018

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Practical Problems | Q 2 | Page 115

Balance Sheet as on 01.04.2018

Liabilities	Amt. ₹	Amt. ₹	Assets	Amt. ₹	Amt .₹
Subscription received in Advance for 2018 - 19	20,000		Outstanding Subscription
			2016 - 17	26,000
			2017 - 18	35,000	61,000

Receipts and Payments Account for the year ending 31.03.2019.

Liabilities	Amt. ₹	Amt. ₹	Assets	Amt. ₹	Amt .₹
Subscription received in Advance for 2018 - 19	20,000		Outstanding Subscription
			2016 - 17	26,000
			2017 - 18	35,000	61,000

Adjustments :

Outstanding Subscription for 2018 - 19 is ₹ 32,000

With the above information present the item Subscription in Income and Expenditure Account for the year ended 31.03.2019 Balance Sheet as on the date.

Solution:

In the books of ________________

Income and Expenditure Account for the year ended 31st March 2019

Expenditure	Amount (₹)	Amount (₹)	Income	Amount (₹)	Amount (₹)
			By Subscription	4,10,000
			Add: Outstanding Subscription for Current Year 2018–19	32,000
				4,42,000
			Add: Subscription of Current Year received in Advance in the Previous Year 2017–18	20,000	4,62,000

Balance Sheet as on 31st March 2019

Liabilities	Amt (₹)	Amt (₹)	Assets	Amt (₹)	Amt (₹)
Subscription received in Advance for the Year 2019 – 20		21,000	Outstanding Subscription for
			Add: Year 2018–19 (Current year)	32,000
			Add : Year 2016–17 (26,000 – 23,000)	3,000
			Add : Year 2017–18 (35,000 – 30,000)	5,000	40,000

Working Note :

Outstanding subs. given in the balance sheet as on 01 – 04 – 2018 are ₹ 26,000 (for 2016–17) and ₹ 35,000 (for 2017 – 18). Against that as shown in receipt – Payment A/c ₹ 23,000 and ₹ 30,000 are received respectively. Means ₹ 3,000 and ₹ 5,000 are still outstanding which are known in the current year balance sheet.

Book-keeping and Accountancy 12th Standard

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting